The ministry raised the inflation forecast for this year
from 5 percent to 6 percent, which is still the central bank’s
estimate. Consumer prices will rise 5 percent to 6 percent in
2013, a range half a point higher than the ministry’s earlier
forecast and Bank Rossii’s goal.

Economy Minister Andrei Belousov said last month that the
forecast for growth this year may be upgraded to as high as 4
percent after retail sales and investment surged in the first
half. Growth will slow to 2.7 percent from a year earlier in the
third quarter before rising to 2.9 percent in the final three
months, Klepach said today.

Net private capital outflows may reach $50 billion to $60
billion this year, above the prior forecast of $25 billion,
Klepach said. Net capital flows may be balanced next year,
compared with an earlier estimate of $15 billion in inflows. The
ministry also downgraded its forecast for the average ruble rate
this year to 31.3 per dollar and for next year to 32.4 per
dollar, Klepach said.